Visant Posts a Larger Net Loss for Latest Quarter on Lower Net Sales

• Net sales for the Scholastic segment were $41.7 million for the third fiscal quarter of 2012, a decrease of 15 percent, compared to $49.0 million for the third fiscal quarter of 2011. This decrease was primarily attributable to $4.5 million of lower volume in our professional championship jewelry products when compared to the prior year comparable period. Also contributing to the decline was lower sales volume of class rings.